MOODY'S, one of the big
three credit ratings agencies, has downgraded Japan's two biggest carriers, MOL
and NYK, saying oversupply of vessel in the industry will reduce cashflow and
make debts difficult to pay, reported Bunkerworld.
MOL's ratings, Japanese
largest and world's 10th largest carrier, have been downgraded by Moody's to
"Baa1" from "A3", while NYK's ratings to "Baa2"
from "Baa1" after MOL posted a US$173 million operating loss and NYK
a $179 million loss in the October-December period.
Outlook for both carriers
has been rated "negative" with Moody's expressing concerns that
overcapacity and soft rates, especially on Asia-Europe trade, would impair
profitability further.
In addition to container
shipping, the ratings agency said NYK and MOL's dry bulk and tanker units are
confronted with weak charter rates.
Moody's said NYK and MOL
could see relief in 2013 as their car shipment businesses stabilise and the
haulage business of liquefied natural gas expands.
Source : HKSG, 04.02.12.
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